ARE YOU THROWING MONEY
AT THE PROBLEM?
By Karen Deis
Here’s the list of questions:
Do I know the BEST way to USE the marketing tool?
Am I getting any “responses” from my clients/agents from the CRM content?
Which of the tools gets me the most customers?
How much time does it take to transition a lead into a closed loan?
How much money have I spent on each marketing tool?
How much do I make an hour?
How much time do I spend on each tool in relationship to my hourly income?
Should I eliminate some of the tools that are not working?
Should I get more training on some of the tools that ARE working?
Karen Deis had been in the mortgage business
since 1972 and left the industry in 2000 to focus
on helping loan originators and company owners
increase their business and close more loans. Karen
can be reached at Karen@karendeis.com.
I talk with a lot of loan officers every week.
One of the questions that I usually ask is, what type of
marketing are you doing?
I get a list of marketing websites that they are paying
for. A list of apps they are paying for. The name of the
CRM company that controls their database.
Then I ask the Dr. Phil question: “How’s that working
One of the things I see in the mortgage industry is the
“throw money at the problem” mentality.
Meaning they are purchasing and paying for tools that
neither get them leads nor increase their business. Sometimes it’s over $500 per month.
So, read this article with a list of questions you may
want to ask yourself. It will help you analyze what’s working and what’s not.
It may also save you a ton of money!
I suggest that you make a list of all the marketing tools,
their costs, and how many actual clients and closed loans
you got from each of them.
Don’t lie to yourself.
Come up with actual names of people who did business with you due to this marketing tool.
If you have purchased a marketing tool because it
makes you “feel like you are doing marketing,” that’s okay
– but you may want to determine how much money you
are willing to spend to make you “feel good.” Is it worth it
If not, get rid of the tool and try investing in something
else that just might work! M M W